Landry's shareholder Pershing Capital opposes sale to CEO Fertitta

By Lisa Kerner

Charlotte, N.C., Nov. 13 - Landry's Restaurants, Inc. investor Pershing Square Capital Management, LP does not intend to support chairman, president and chief executive officer Tilman J. Fertitta's $14.75-per-share purchase of the company, according to a schedule 13D filed with the Securities and Exchange Commission on Friday.

Pershing beneficially owns 1,554,255 shares, or 9.6%, of the Houston-based restaurant company's outstanding stock.

On Nov. 3, Landry's announced Fertitta would acquire the company in a deal valued at about $1.2 billion.

As previously reported, the company's board of directors approved the merger agreement, which allows for a go-shop period through Dec. 17 and includes a $2.4 million break-up fee.

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